Russians Are Tightening Their Belts

One in four felt that they had become poorer.

According to the results of a survey conducted by the Russian foundation “Public Opinion,” only 6% of Russian citizens have noticed an improvement in their financial situation over the past two to three months, while 25% of those surveyed reported a deterioration. On November 1, the Ukrainian Foreign Intelligence Service drew attention to this.

Another 68% of respondents said their financial situation had not changed.

As noted by the SVR, inflation and slowing income growth are forcing Russian residents to cut back on spending and avoid major purchases.

According to a forecast by the Russian Ministry of Economic Development, the growth in real disposable income will decline from 7.4% in 2025 to 1% in 2026.

Russians are spending more money but buying fewer goods and services. For example, during the week of October 12–18, 2026, nominal consumer spending rose by 7.2% compared to the same period last year. However, when adjusted for inflation, it fell by 0.03%. In the third quarter, real spending, adjusted for seasonal fluctuations, decreased by 2.2% compared to the previous quarter.

Demand for durable goods and certain services saw the sharpest decline, according to Ukrainian intelligence. From October 12–18, spending on electronics and telecommunications equipment fell by 13.5% year-over-year, on furniture by 6.6%, on taxis by 6.3%, on clothing, footwear, and accessories by 4.1%, and on sporting goods by 2.7%.

The cost of everyday services is also forcing Russians to cut back. In August and September, residents of central Russian regions visited beauty salons, auto repair shops, and restaurants less frequently. In Moscow and the Moscow Region, people switched to budget-friendly establishments and ready-to-eat meals from stores. In the country’s northwest, sales of new cars, household goods, and cosmetics declined.

“Weak consumer demand limits the ability of the private sector to support the economy. Under such conditions, companies may cut back on investments and postpone production expansion. This will hinder job creation and income growth, and the Russian economy will become increasingly dependent on government contracts—primarily military ones,” Ukrainian intelligence predicts.

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